"beautimouse" (beautimouse)
04/25/2018 at 12:10 • Filed to: None
1
14|
"beautimouse" (beautimouse)
04/25/2018 at 12:10 • Filed to: None | 1
| 14 |
Update:
First I would like to thank each of you that took the time to offer advice and insight. Truly appreciated.
Update 2:
Finance guy called my wife today, and this was what she was told:
“The letters are automatically generated and sent at 10 days. You should have received the letter 3 days ago, however the letter should be disregarded as the loan was funded yesterday.”
Still a bit irritated by the whole ordeal.
Got a letter I had to sign for yesterday. The Ford dealer my wife, step son and I went to last week to buy my step son a car, which is the same dealer we bought my wifes Edge from in 2014, wants the car back. Apparently they are unable to find, among their preferred lenders, an institution to take on the loan that I co-signed.
My wife and I gave them $4500.00, which is a 35% down payment so the boy could easily afford the payments. Our credit scores are all less than 10 points from 800, except my step sons, who has no credit, which is why we are trying to buy the car with us co-signing. Initially, my wife and I were going to co-sign the loan, but the salesman said, whichever of you has the highest credit score will be fine. Wonder if adding her as a co-signer would make a difference? Her paychecks are higher than mine. We are very lucky in that our chosen professions pay well.
My wife religiously puts a percentage of each of our paychecks in an account we don’t touch, and from that, we could pay cash for the car if we wanted.
I don’t know why, but I feel insulted. There is no reason for me to feel insulted. An algorithm said no, and that’s all there is to it.
Perhaps another dealer can find financing.
We have called twice, yesterday and today, left two messages with names and vehicle info, because my wife wants to ask about adding her name as a co-signer, and have yet to receive a return call.
I love the last line of the letter.
“We are still attempting to find appropriate financing for your purchase.”
Oh, ok. So maybe you’ll find it the day after we return the vehicle.
I know it is most likely because of the kid and his lack of credit/credit history. I hate the idea of telling him he has to give his new car back. He’s actually been leaving his room for more than work, and going outside where there are people since he got it. Even had a date with a girl whose last name was not jpg. Then I’ll have to figure out how to explain it in a way that won’t just sound like “They” don’t think you are responsible or trustworthy enough, but still be informative regarding credit and loans and how this can happen to anyone.
Apologies. Had to get that out.
Maybe it’s a good thing. The kid did not listen to me or his dad about the transmission issues the ‘17 Fiesta can have.
/RANT
Adding link to original post because I forgot.
!!! UNKNOWN CONTENT TYPE !!!
farscythe - makin da cawfee!
> beautimouse
04/25/2018 at 12:51 |
|
eh... i dunno.. considering they’re giving people what 84 month loans on cars now long as they have a pulse.... i think i’d feel kinda insulted
sounds like shenanigans to me... but what do i know.. ive only ever bought cash up front
nermal
> beautimouse
04/25/2018 at 12:53 |
|
Take the car back, and get a full refund of anything that you paid (assuming that you don’t have anything signed stating otherwise). Then just walk away from it.
There is zero reason why you shouldn’t get approved for a loan, assuming the information you provided is correct. People buy cars for their kids all the time. Something seems fishy here.....
Eric @ opposite-lock.com
> beautimouse
04/25/2018 at 12:54 |
|
I would turn it in and have him try a Honda Fit. If he’s fine with the size of the Fiesta, the Fit won’t bother him, and they don’t have any known issues with the automatic.
Alternatively, I always recommend the current generation Kia Soul because they’re a great practical car.
themanwithsauce - has as many vehicles as job titles
> beautimouse
04/25/2018 at 12:54 |
|
Sounds like BS. And if you already took delivery of the car, then it’s their loss. They are lenders now. If you signed a purchase agreement and they signed it as well, it doesn’t matter. I’d punch the VIN number in google though. Maybe it’s got a title issue and there’s a dispute on the car value. Banks often won’t do loans for salvage titled cars. In any event, Jalopnik covered this one, actually.
https://jalopnik.com/what-to-do-if-a-car-dealer-says-they-made-a-mistake-on-1795217709
My X-type is too a real Jaguar
> beautimouse
04/25/2018 at 12:55 |
|
Try a bank or Credit union if you really like the car, if you don’t return it and shop another dealer but get a preapproved loan.
facw
> beautimouse
04/25/2018 at 12:55 |
|
I think Lehto did a podcast about this scenario, but I’m at work so can’t track it down. Here’s a different lawyer’s take:
CompactLuxuryFan
> beautimouse
04/25/2018 at 13:07 |
|
Pretty sure this is some sort of scam dealers try to pull. Definitely try to find the Lehto article! Not the Tom McParland one, there was one where the lawyer explained this very scenario. Whatever you do, don’t do any more business with this dealer, ever! Especially if they get you in there to “return the car”.
CalzoneGolem
> beautimouse
04/25/2018 at 13:50 |
|
This might be relevant.
jimz
> beautimouse
04/25/2018 at 14:02 |
|
ah yes, the yo-yo trap.
Arrivederci
> nermal
04/25/2018 at 14:27 |
|
This, a thousand times this. Get your refund, arrange financing before you go shopping and just handle it that way. Always have financing arranged before going to a dealer at your bank, credit union or online loan specialist (ie Capital One, Lightspeed, etc), but give the dealer a chance to beat the rate you received, because at that point it only saves you money.
davesaddiction @ opposite-lock.com
> beautimouse
04/25/2018 at 14:40 |
|
Just my opinion here, so take it or leave it, but them preventing you from co-signing a loan with him may be a good thing in the end... It could all turn out fine, but it also could put a heavy burden of your relationship at some point in the future.
lone_liberal
> beautimouse
04/25/2018 at 14:48 |
|
My in-laws have spotless credit (in the 800s) and when they co-signed on a car for my SIL they had issues finding a lender too, so don’t take it personally.
wafflesnfalafel
> beautimouse
04/25/2018 at 15:11 |
|
that sounds shady as sh**...
Derpwagon
> beautimouse
04/25/2018 at 15:53 |
|
Read all the comments, there’s some good advice down there. Make sure you know what you’re getting into before you return the truck!